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REVERSE MERGER (Tables) | 6 Months Ended
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Jun. 30, 2017
Business Combinations [Abstract] |
Schedule of Business Acquisitions | The preliminary estimated purchase consideration based on the value of the equity of Transgenomic, the accounting acquiree, is as follows:
(dollars in thousands) |  |
Legacy Transgenomic common stock | $ | 6,088 |
Fair value of preferred stock converted to common stock |  | 49 |
Fair value of debt converted to common stock |  | 2,398 |
Fair value of debt converted to preferred stock |  | 9,796 |
Fair value of existing bridge notes |  | 1,275 |
Fair value of warrants |  | 1,996 |
Purchase consideration | $ | 21,602 |
The following table sets forth an allocation of the purchase consideration to the identifiable tangible and intangible assets of Transgenomic, the accounting acquiree, based on fair values as of the Closing Date with the excess recorded as goodwill:
(dollars in thousands) |  |
Current and other assets | $ | 419 |
Property and equipment |  | 29 |
Goodwill |  | 13,832 |
Other intangible assets(1) |  | 21,100 |
Total assets |  | 35,380 |
Current liabilities |  | 13,604 |
Other liabilities |  | 174 |
Total liabilities |  | 13,778 |
Net assets acquired | $ | 21,602 |
(1) | Other intangible assets consist of:
(dollars in thousands) |  |
Acquired technology | $ | 18,990 |
Customer relationships |  | 250 |
Non-compete agreements |  | 30 |
Trademark and trade name |  | 40 |
Backlog |  | 200 |
In-process research and development |  | 1,590 |
Total intangibles | $ | 21,100 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information presents the Company's financial results as if the acquisition of Transgenomic had occurred on January 1, 2016:
Dollars in thousands, except per share amounts |  |  |
| Six months ended June 30,
| 2017 |  | 2016
Net sales | $ | 1,472 |  |  | $ | 1,783 |
Net loss available to common stockholders | (13,864 | ) |  | (13,266 | )
Loss per common share | $ | (2.16 | ) |  | $ | (2.07 | )

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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